Pure Global Cannabis (TSXV: PURE) has a new chief financial officer following the departure of Bhupender Gosain from the role as he pursues other opportunities. Taking his place will be that of Scott Langille, the former chief financial officer of that of Wayland Group (CSE: WAYL), following his resignation from the embattled firm at the end of December as the company dealt with creditor protection arrangements.
With his recent appointment, Langille is to report directly to chief executive officer Malay Panchal. Langille will be responsible for overseeing the closing of several significant financings which the company has nearly completed. The financings upon closing are expected to ensure short term liquidity as well as strengthen the balance of Pure Global.
Pure Global has also released several updates in relation to the status of its outstanding convertible debentures which were originally issued on September 17, 2018. The company is currently in default of the required interest payments associated with the debt, however an arrangement has been made to pay this interest by February 28, 2020. Additionally, the company has agreed to pay down up to $500,000 of the currently outstanding convertible debenture by March 16, 2020.
We are excited to have Scott join Pure Global. We believe his deep pharma and cannabis industry knowledge and the experience he has gained makes him an ideal choice to lead our financial strategy. We recently announced several significant financings which, upon closing, will strengthen our balance sheet and ensure our short-term liquidity. Adding Scott’s extensive skillset strengthens our finance organization and complements our management team as we focus on profitability and building shareholder value. We would like to express our thanks to Mr. Gosain for his services to the company in its formative years as a public company.
Malay Panchal, Founder & CEO of Pure Global
Finally, Pure Global has also applied to the TSX Venture Exchange for the amendment of the conversion price related to the convertible debentures. The amended conversion price is to be applicable to 10% of the currently outstanding debentures, and the company has requested that the amended conversion price be $0.056 per share.
Pure Global last traded at $0.065 on the TSX Venture.
Information for this briefing was found via Sedar and Pure Global Cannabis. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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